4 Credits
Estimated time to complete this course is 3-4 hours

A marketing plan guides businesses on how to communicate the benefits of their products to potential customers. The situation analysis is the 2nd step in a marketing plan, is critical in establishing a long-term relationship with customers. Managers use it to analyze the internal and external environment (S.W.O.T. Analysis) of an organization and the firm’s own capabilities, customers, and business environment.

According to the American Marketing Association, a situation analysis is “the systematic collection and study of past and present data to identify trends, forces, and conditions potentially to influence the performance of the business and to choose the appropriate strategies.”